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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Economy

KDB seeks to offer more funds to innovative startups

By Lee Kyung-min The state-run Korea Development Bank (KDB) has sought to funnel more money into innovative startups by reforming its credit screening and loan review system, it said Monday.The long-term move to foster startups with great potential by offering stable funding seeks to revise previous methods whereby companies had a limited way of securing operational funds as they were judged only on performance-based criteria. They include sales, net profit, firm credit scores, or whether they can provide enough collateral. The previous method has long been criticized as it denied firms with short-term weak performance, thus cornering those firms or sometimes forcing them into bankruptcy. Under the new system in full implementation since Aug. 10, a review committee under the state lender conducts a qualitative review over the management competence, marketability, growth potential and technology. About five bank officials sit on the committee with up to two outside experts including officials from other state-run organizations. KDB Chairman Lee Dong-gull / YonhapEligible for the revis

Dec 3, 2018By Lee Kyung-min
KDB seeks to offer more funds to innovative startups
Economy

BOK raises key interest rate to 1.75%

 By Lee Kyung-minThe Bank of Korea (BOK) raised its key interest rate by 25 basis points to 1.75 percent Friday in a bid to cool the housing market and forestall massive capital flight.This is the first rate hike in a year since it increased the benchmark rate to 1.5 percent in November 2017. In a 5-2 decision at the last monetary policy meeting of 2018, the board chaired by BOK Governor Lee Ju-yeol made the credit-tightening move, narrowing the gap between the Korea and the U.S. to 0.5 percentage points. The U.S. Federal Reserve's rate remains at 2.25 percent. At a media conference following the meeting, Lee said that despite lingering external and domestic uncertainties, Korea's economy is strong enough to weather the rate hike given low inflationary pressure and the continued, albeit meager, growth on the back of brisk exports and domestic consumption. “Korea's economy in 2019 will likely be affected by a myriad of factors including the overall global economic slowdown, but consensus is that the economy will not contract any more significantly than earlier projected,&rd

Nov 30, 2018By Lee Kyung-min
BOK raises key interest rate to 1.75%
Others

Helping local startups

KB Financial Group Chairman Yoon Jong-kyoo, right, holds a signed memorandum of understanding with Korea International Trade Association CEO Kim Young-ju at the group's headquarters in Yeouido, Seoul, Nov. 30. The two leaders agreed to boost cooperation to help local startups with overseas expansion. Courtesy of KB Financial Group.

Nov 30, 2018By Lee Kyung-min
Helping local startups
Economy

BOK highly likely to raise key rate today

By Lee Kyung-min The Bank of Korea (BOK) is highly likely to raise its key rate today at the last monetary policy meeting in 2018, according to market analysts and investors, Thursday.This will be the first rate hike in a year since it increased the benchmark rate to 1.5 percent in November 2017.Bank of Korea Governor Lee Ju-yeol/ Korea Times photo by Hong In-kiA seven-member policy board chaired by BOK Governor Lee Ju-yeol will determine whether to up the rate 25 basis points to 1.75 percent, which will narrow the rate gap between Korea and the U.S. to 0.5 percentage points.The hike has long been expected following numerous “signals” given by the BOK over the past few weeks amid volatile financial markets and soaring household debt.According to a survey conducted by the Korea Financial Investment Association of 200 workers at 106 securities services firms between Nov. 16 and 21, 79 percent said they expect a hike. Only 21 percent said the rate will be left unchanged. Experts say a rate hike is almost a foregone conclusion given the central bank's repeated announcement an

Nov 29, 2018By Lee Kyung-min
BOK highly likely to raise key rate today
Economy

Foreign banks suffer worsening performance

By Lee Kyung-min Two foreign-invested commercial banks saw their profits drop in the third quarter of 2018, in stark contrast to their local counterparts, which posted record-breaking profits in the same period.Citibank Korea and Standard Chartered (SC) Bank Korea said their profit deteriorated due to an increase in loan loss reserves.The reserves are the amount banks have to set aside against a possible customer default. The greater the amount, the more it eats into a bank's profit. The two posted a combined 359.1 billion won ($318 million) in net income for the first nine months of 2018, a 12.4 percent decrease from a year earlier.On the other hand, the Korean banks posted a combined 12.4 trillion won net income for the first three quarters, a 9.7 percent jump compared to a year earlier. By bank, SC Korea recorded a net profit of 200.9 billion won, a 15.5 percent drop compared to 2017, while Citibank Korea reaped 158.2 billion won, down 8.2 percent. Citibank's total revenue inched up but it saw its profit m

Nov 28, 2018By Lee Kyung-min
Foreign banks suffer worsening performance
Economy

Consumer sentiment falls to 21-month low in Nov.

By Lee Kyung-min Korea's consumer confidence fell to the lowest level in 21 months in November due to worsening economic data and volatile financial markets.This means that the nation's economy, already beset by sagging investment and a worsening job market, is highly likely to undergo further slowdown.According to a survey released by the Bank of Korea (BOK) Tuesday, the composite consumer sentiment index (CCSI) for November came to 96, down 3.5 points from a month ago.It was the second consecutive month the index stayed below the benchmark 100 and the lowest level since February, 2017 when it stood at 93.9. A reading below 100 means pessimists outnumber optimists.The result came from the central bank's poll of 2,188 households across the nation conducted from Nov. 12-19The BOK said that consumers' confidence has been deteriorating due to fears of further economic downturn over a mixture of multiple negatives.They include the ongoing U.S.-China trade dispute, weak job data, recent stock market tanking, rising daily necessity prices, all of which are further worsened by “income

Nov 27, 2018By Lee Kyung-min
Consumer sentiment falls to 21-month low in Nov.
Economy

Shinhan joins 'responsible banking' initiative

Shinhan Financial Group Chairman Cho Yong-Byoung, third from left, raises his fist with other attendees of a meeting held under the theme of United Nations Environment Program Finance Initiative in Paris Nov. 27 (local time). Courtesy of Shinhan Financial GroupBy Lee Kyung-min Shinhan Financial Group Chairman Cho Yong-Byoung joined global movement in setting up “Principles for Responsible Banking,” an international treaty drafted among noted financial institutions as part of efforts to better strengthen cooperation toward a more sustainable finance system, the bank said Tuesday.Cho was the only Korean financial group CEO who attend the meeting in Paris Nov. 27 (local time). Over 1,500 top executives gathered to exchange and reaffirm views on the need to boost communication and collaborations to institute measures that align with the Paris Agreement and contribute to the achievement of the United Nations (UN) Sustainable Development Goals. To better attain the goal, Shinhan has maintained close consultation and cooperation with 28 global firms including Industrial and Comm

Nov 27, 2018By Lee Kyung-min
Shinhan joins 'responsible banking' initiative
Economy

'Legendary James' resigns as securities firm CEO

 Yoo Sang-ho / Korea Times fileBy Lee Kyung-min Korea Investment & Securities CEO Yoo Sang-ho has stepped down from his position, concluding his 12 successful years as Korea's longest-serving securities firm CEO, the firm said Monday. The holding company of the securities firm convened a board meeting and passed a motion to appoint him as the company vice chairman Nov. 23. The announcement that the most successful CEO at the height of his achievements would resign came as all the more shocking given the firm posted 539.7 billion won ($476 million) in operating profit in the first three quarters of 2018. The record-breaking performance was a guarantee for him to secure a 12th term. “I have spent the happiest time of my life over the past 30 years, 12 of which I had been CEO. I am flattered and feel extremely lucky and grateful,” he said in a statement. “I expect the company will have the largest gross profit among securities firms this year. And I feel now is the perfect time for me to step down from the top to make way for my junior colleagues.”Yoo ha

Nov 26, 2018By Lee Kyung-min
'Legendary James' resigns as securities firm CEO
Others

Fostering young writers

Industrial Bank of Korea (IBK) CEO Kim Do-jin, sixth from right, applauds with winners of the 2018 Writers' Contest organized by the state-run lender at the bank's headquarters in Seoul, Nov. 26. The works of 25 winners chosen out of 244 participants will be on display on on the first floor of the IBK head office through Dec. 7. Courtesy of IBK

Nov 26, 2018By Lee Kyung-min
Economy

KSD supports investment in foreign securities

Korea Securities Depository CEO Lee Byung-rhaeBy Lee Kyung-min The Korea Securities Depository (KSD) has launched a taskforce to support Koreans investing in foreign (currency) securities, the organization said, Monday. The move comes amid a steady increase in the number of local investors putting their money into foreign securities over the past few years.The taskforce set up Nov. 23 will draft a comprehensive roadmap on ways to improve “back-office” businesses including deposit, payment and the exercise of rights and protocols that follow foreign securities sales transactions. An outside consultative body comprised of local securities firms and overseas depositories will be formed to help maintain objectivity of the taskforce management and the consultation. In cooperation with well-established, reputable outside experts, the KSD will also provide consulting services to help them better understand risks associated with foreign securities.The organization will review the roadmap drafted by the taskforce and come up with action plans to help determine the long term viabil

Nov 26, 2018By Lee Kyung-min
KSD supports investment in foreign securities
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